Westford, US, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The global thermal energy Storage market size was valued at around $5.88 billion in 2023 and Expected to reach a value of $12.10 billion by 2031, at a CAGR of 9.45% from 2024 to 2031. The market is growing rapidly due to a shift in preference toward renewable energy generation, including concentrated solar power, and rising demand for thermal energy storage TES systems in HVAC. The thermal energy storage demand will be positively affected by the increasing requirement for enhanced energy efficiency rates, along with the ongoing efforts to use energy more productively.
Broad commercialization due to the escalating need for electricity, increased use of electricity in peak hours, and a heated demand for heating and cooling applications in smart infrastructure is expected to be the trend propelling market growth. Additionally, the market will benefit from the plethora of government policies in developed as well as developing countries for renewable energy technologies, as it forms an integral part of the investments made by countries worldwide in renewables.
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Browse in-depth TOC on the "Thermal Energy Storage Market" Pages – 197, Tables – 95, Figures – 76
Thermal Energy Storage Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $5.88 Billion |
| Estimated Value by 2031 | $12.10 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.10 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Storage Material, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Rising necessity for sustainable energy solution |
| Key Market Opportunities | Rising focus on energy efficiency |
| Key Market Drivers | Increasing popularity for renewable energy |
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Rising Demand for Thermal Energy to Boost Thermal Energy Market Growth
The rise in thermal energy demand is boosting the requirements for thermal energy storage solutions. Factors like expansion of industries and urban populations is increasing the demand for thermal energy. Furthermore, the transition toward cleaner fuels, regardless of whether it is manufacturing, residential heating and cooling, agriculture, off-road transportation or renewable energy conversion, increase thermal energy demand. Concurrently, the elevating importance of energy management and optimization tends to focus on how well thermal energy is utilized. Thus, it is apparent that thermal energy storage is increasingly crucial in terms of energy security, sustainability, and resilience.
Advancements of Thermal Energy Storage Technology to Increase Reliability on Renewable Energy Generation
Thermochemical storage technologies have also experienced significant progress which is stemmed from high-temperature material development. This approach makes TES systems operate at high temperatures that consequently provides higher energy storage capacity and efficiencies. This also allows for a higher level of heat utilization from renewable sources such as concentrated solar power. Such technologies also improve the feasibility and reliability of renewable generation. A series of thermochemical storage technologies makes use of reversible chemical reactions that are employed to store and release heat energy and provide relatively long-duration storage. In addition, the integration of multiple storage technologies through implementing hybrid TES systems provides immense advantages like improved energy density, cycling stability or flexibility. As well, system integration and control strategies advance to improve real-time adjustment of the TES system in response to demand and weather conditions, as well as energy price. Advanced smart control algorithms are employed, making TES and renewable energy sources a well-integrated system unit.
Strict Environmental Regulations to Promote Renewable Energies to Drive Market Growth in Europe
Europe dominates the global thermal energy storage market and is expected to expand substantially in the future. The TES market in Europe is growing rapidly because the need for energy storage and grid stabilization is growing. This growth is driven by the fact that very stringent environmental regulations and policies across Europe have been put in place to promote the use of renewable energies as well as energy efficiency. Europe has a vast reserve of renewable energies, for example, wind and solar energy sources. These types of energies must be balanced by TES systems since they can be very intermittent and fluctuating. In Europe stakeholders are carrying out diverse strategic activities including mergers and acquisitions, extensions, fundraising, and new product development, among others to enhance their positions in the market.
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Thermal Energy Storage Market Insights
Driver
- Growing demand for renewable energy sources
- Increasing government policies and incentives related to renewable energy
- Rising demand for electricity due to growing commercialization
Restraints
- High initial investment expenses
- Rising competition from alternative energy storage technologies
- Restrictions due to strict governmental regulations and policies
Key Players Operating in the Thermal Energy Storage Market
- Abengoa Solar
- BrightSource Energy
- Burns & McDonnell
- CALMAC
- Cryogel Thermal Energy Storage
- DN Tanks
- EDF Renewables
- EnergyNest
- Evapco
- Goss Engineering
- Ice Energy
Key Questions Answered in the Thermal Energy Storage Market
- What are the key factors driving the thermal energy storage market?
- Who are the major companies operating in the market?
- Which region is expected to hold the largest market share?
This report provides the following insights:
Analysis of key drivers (Growing demand for renewable energy sources, increasing government policies and incentives related to renewable energy), restraints (High initial investment expenses, Rising competition from alternative energy storage technologies), opportunities (Rising demand for electricity due to growing commercialization), and challenges (Restrictions due to strict governmental regulations and policies) influencing the growth of thermal energy storage market.
- Market Penetration: Comprehensive information on the product offered by the top players in the thermal energy storage market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the thermal energy storage market.
- Market Development: Comprehensive information on emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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